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Close Brothers Asset Management CEO to step down

DeparturesClose Brothers Asset Management (CBAM) chief executive Martin Andrew is stepping down after 13 years in the role and 16 years at the firm.

Parent company, Close Brothers PLC has confirmed that the search for a replacement is "well underway", having held succession planning discussions with Andrew prior to his stepping down.

Andrew will remain with the firm until spring 2022 to ensure a smooth transition, the company said.

Elsewhere, the firm reported annualised net inflows of 8% in the first quarter of its 2022 financial year, compared to 7% in the third quarter of 2021.

Assets climbed to £16 billion over the period, compared to $15.6 billion in the final quarter of 2021, while total client assets grew to £17.4 billion, compared to £17 billion as of 31 July 2021.

The wider group’s banking loan book increased 2.4% to £8.6 billion, compared to £8.4 billion at the end of July last year.

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